The global EV pumps market is expected to exhibit strong growth, reaching USD 5.4 billion by 2028. As per the report titled “EV Pumps Market Size, Share & COVID-19 Impact Analysis, By Product (Fuel Pump, Oil Pump, Steering Pump, Water Pump, Fuel Injection Pump and Other), By Technology (Mechanical and Electrical), By Vehicle Type (Passenger Car, LCV, HUV and Two Wheeler) and Regional Forecasts, 2022-2028” observes that the market size in 2021 stood at USD 1.8 billion and USD 5.4 billion in 2028. The market is expected to exhibit a CAGR of 20.2% during the forecast period.
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Aisin Tohoku Co. of the Aisin Group has Disclosed Plans to Expand its Manufacturing
In December 2020, the Aisin Group's Aisin Tohoku Co. announced the development of its facility to start producing small and medium-sized motor goods by 2022, mostly EV pumps. The factory will produce the EV pump for the first time.
Market Growth Will Be Driven by Regulatory Impact on EV Pump Sales
The manufacturing, installation, and use of EV pump components are anticipated to be impacted by a significant variety of laws and government rules governing the automobile industry. Regulations are now necessary due to the requirement for equipment standardization and the identification of structured sectors within the automotive industry. For instance, the United States federal government implemented tax credits in 2009 to encourage people to buy plug-in hybrid electric vehicles (PHEVs). Adopting such advantageous laws will give the market profitable prospects for expansion.
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Future Electric Vehicles Sales Growth is Anticipated to Restrain Market Expansion
Electric vehicles have emerged as a viable substitute for conventional fuel vehicles in metropolitan settings and cities. These cars don't release any toxic emissions and are environmentally beneficial. Regulatory agencies in various nations are taking action to boost the use of electric cars, such as battery electric vehicles. The European passenger car market has the biggest demand for electric vehicles, followed by the Asian and North American markets.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the EV pumps market plan acquisitions to improve their brand recognition globally. For instance, in September 2020, Hella Co. introduced EV water pumps and kits for commercial vehicles in addition to broadening its selection of thermal management devices.
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List of Key Players Profiled in the Report
• Aisin Seiki Co. Ltd. • Delphi Automotive • Denso Corporation • Robert Bosch Gmbh • Johnson Electric • KSPG AG-A- Rheinmetall • Mikuni Corporation • Magna International • TRW Automotive • SHW AG.
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